Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $233 million in September and went down to $158 million in October, were down again in November to $139 million. Canadian imports from Belgium on the other hand, amounting to $267 million in September and to $213 million in October, remained at a low $212 million in November. As we can see, our bilateral trade has its ups and downs and it will be interesting to see how it will evolve in the coming months.
Overall Canadian exports increased 0.4% in November while imports were down 0.7%, reducing Canada’s international trade deficit from $2.5 billion in October to $2 billion in November.
Total Canadian exports rose to $43.3 billion, led by motor vehicles and parts (+5.9%), metal ores and non-metallic minerals (+20.4%) and forestry products and building and packaging materials (+5.5%). These gains were partially offset by lower exports of energy products (-6.6%) and consumer goods (-4.5%). Total imports declined to $45.2 billion, the main declines being in electronic and electrical equipment (-2.9%), energy products (-6.4%) and consumer goods (-1%). These were moderated by a 2.5% increase in industrial machinery and equipment.
Geographically, Canadian exports to the U.S. rose 1.3% but imports were down 0.1%, increasing Canada’s trade surplus with the U.S. from $1.7 to $2.1 billion. Exports to other countries declined 2.2% and imports by 2.1%, reducing Canada’s trade deficit with countries other than the U.S. from $4.2 billion to $4.1 billion.
Canada’s main trading partner, the United States saw their November exports reach $182.2 billion (1% below October) and imports $224.6 billion (1.5% below October), lowering the U.S. international trade deficit from $44.6 billion to $42.4 billion. U.S. exports of industrial supplies and materials and consumer goods decreased the most, while capital and consumer goods led the decrease in imports.
Christian Sivière, Import Export Logistics Solutions, Montréal Christian.email@example.com All Rights Reserved January 2016
Sources: Statistics Canada, U.S. Census Bureau